Mr. Sebastian Barnes:

The average adjustment over the 2008 period was very front-loaded. As anyone who remembers living through that period will know, the degree of tightening in some periods was really very tight. It really was an emergency situation. We do not think that is a particularly likely outcome. An average figure over a really long period may be misleading. It may not be the easiest way of thinking about it. It should be thought of as a moderate adjustment which would exert a downward force on growth but would not disrupt the economy in the way that fiscal consolidation did. In any case, these are scenarios. Exactly what the economy can stand and what will be necessary will depend on the circumstances. By the third phase we should not need to slam on the brakes as happened last time. That is absolutely not what we wanted to communicate.